Factors of production - SS1 Commerce Past Questions and Answers - page 1
Which factor of production refers to natural resources?
Land
Labor
Capital
Which factor of production represents human effort?
Land
Labor
Capital
What does capital refer to in the factors of production?
Natural resources
Human effort
Man-made resources
Who takes the initiative to organize the factors of production and run a business?
Entrepreneur
Labor
Capital
Which factor of production involves the risks and decision-making for production?
Entrepreneur
Capital
Labor
What encompasses labour as a factor of production?
Labor encompasses the skills, knowledge, and abilities of workers.
Who takes on risks and makes decisions in the production process?
Entrepreneurs bear the risk and make decisions regarding the production process, such as what to produce, how to produce, and for whom to produce.